Transferring directly from an RRSP to an RRSP or from a RRIF to a RRIFYou probably received either a T4RIF or a T4RSP slip for withdrawals you have made and transferred either to an RRSP or a RRIF.
The mention 60L may appear on your receipt to indicate the direct transfer.
To report this direct transfer from one account to another, please follow the steps below:
1. On the "Left side menu on the Interview tab", select the item "Interview setup".2. On the right-hand side of the screen, go to the "Pension" group, check the box for "Pension income, other income and split pension income (T4A, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1031)" and click "Next" at the bottom of the page.
3. Return to the "Left side menu on the Interview tab" and select "T4A and pension income"
4. On the screen to your right, choose the line that corresponds to your situation, either "T4RIF - Income from Registered Retirement Income Fund (RL-2)" or "T4RSP - Income from a Registered Retirement Savings Plan (RL-2)".
5. For the line "Box 16 - Taxable amounts from a RRIF (RL-2 box B)" or "Box 16 - Annuity payments from RRSP (RL-2 box B)", enter the amount of the withdrawal.
6. For the line entitled "Portion of Box 16 transferred to a RRSP" or "Portion of Box 16 transferred to a RRIF", enter the amount transferred.
You should ask the payer to transfer the funds directly from one account to the other.Generally, the amounts you transfer directly into an RRSP do not change your RRSP deduction limit.
The amount transferred directly will be entered on line 24640 of federal Schedule 7.
For more information on this topic, consult the following link:ID: 20200130114822DE.xml
Webpage: KPA385-20200130114822DE.htm